The Nation Newspaper

Tag: acquires

  • SIFAX acquires N1.5b trucks

    SIFAX Haulage and Logistics Limited, a subsidiary of SIFAX Group, has acquired 20 trucks worth about N1.5 billion to boost its operations.

    Speaking at the trucks inauguration, SIFAX Haulage & Logistics Limited General Manager Mr Adewale Adetayo said the company’s decision to expand was designed to deliver better service to its clients and position her for the bigger task ahead in the industry.

    He said: “The acquisition of these new trucks is a clear demonstration of the unfettered commitment of the management of SIFAX GROUP to the strategic goal of repositioning SIFAX Haulage & Logistics Limited for greater productivity. With this acquisition, our transfer and delivery processes will be sharpened. We can now also favourably compete in the movement of deadweights. We are poised to change the haulage and logistics landscape in Nigeria with the expansion of our fleet. Our haulage team has been well prepared and equipped with various technical trainings to usher in the operations of these new trucks in addition to ones we have at hand.’’

    Earlier, Group Managing Director, SIFAX Group Mr. John Jenkins explained that with the inasuguration of the new trucks, the company now lives up to the standard it is known for worldwide. He noted that the company’s business acumen is geared towards constantly meeting customer needs and adding value to all its businesses.

    “Today’s inauguration is in line with the company’s vision of making all its brands and businesses the front liners in their respective sectors. We are committed to constantly strengthening the logistics value chain of the maritime sector of which haulage is an important value,” he said.

    Jenkins assured clients that with the acquisition and relevant capacity development programmes that the staff have undergone, the quality of service they would enjoy would be a lot better.

  • FCMB acquires 88.2% majority stake in Legacy Pension Managers

    FCMB Group Plc has reached agreement to acquire additional 60 per cent equity stake in Legacy Pension Managers Limited to increase FCMB’s majority equity stake in the pension firm to 88.2 per cent.

    In a regulatory filing yesterday, FCMB stated that it has entered into an agreement with other shareholders of Legacy Pension Managers for the acquisition of an additional 60 per cent equity stake in the firm.

    The proposed acquisition will increase FCMB’s interest in Legacy Pension Managers to 88.2 per cent, thus making the firm a subsidiary of FCMB.

    However, the transaction is still subject to the approvals of the Central Bank of Nigeria, the National Pension Commission and the Securities and Exchange Commission (SEC).

    Legacy Pension Managers Limited is licensed by the National Pension Commission (PenCom), to carry on business as a Pension Fund Administrator (PFA). It has over N220 billion asset under management comprising, retirement savings accounts, retire accounts as well as privately managed pension funds for institutions. It has over 350,000 pension contributors which it services from 48 locations across the country.

  • Firm acquires coating machine

  • NRC acquires new rail buses, trolleys

    The Nigeria Railway Corporation (NRC) has acquired two new multi-million naira air-conditioned 16-seater rail buses and 18 five-seater motorised trolleys.

    The rolling stocks, it was learnt, would improve the response time of the corporation’s engineers and technicians to emergencies especially in inaccessible areas along the rail network system.

    Speaking while taking reporters round the equipment, NRC Managing Director Adeseyi Sijuwade said they would be deployed in the engineering and signals and maintenance units.

    Their acquisition, he said, would further improve response time to blockages of rail tracks or total breakdowns that needed urgent attention.

    With the buses, he said, engineers would have easier and quicker means of commuting within the rail network without waiting for the regular passenger trains.

    The engineers, he said, would be able to address issues quicker and fix challenges that might arise in any section of the rail system.

    The buses, Sijuwade said, were an addition to NRC’s fleet, adding that  they would be deployed for inspection and maintenance.

    The trolleys, Sijuwade said, would be allocated to railway maintenance engineers to facilitate regular tracks inspection and maintenance.

    “With these, our men can use the buses on inspection and maintenance shuttles within the system and they can also be deployed to carry out specialised trainings on the corporation’s operations,” he said.

    Sijuwade explained that the trolleys were a departure from the pump trolleys inherited from the colonial masters which must be pumped at regular intervals by the operators before they could move.

    Among others, the new trolleys, Sijuwade said, are fitted with Automotive Gas Oil (AGO), engine, and can carry five workmen, which means more hands, to handle the repairs, unlike the old pump trolleys that carry two persons. They are also fitted with tools wagon at the back to store tools and materials, and a wind visor.

    Sijuwade said 12 of the trolleys may be deployed in the western line, which is the corporation’s busiest corridor; the other six would be deployed to the Eastern line.

    He said though more of these equipment would still need to be obtained by the corporation, the ones already delivered would go a long way in assisting the corporation deliver more service to Nigerians.

    He said: “These trolleys are the vehicles that we are going to issue out to all our track maintenance engineers, to ensure that all our tracks are cleared and maintained. This becomes imperative especially when you realise that most of our tracks are not accessible by road. That is why the men must be equipped to ensure that they have easy access to any section of the tracks that may require their attention and repairs at a short notice.”

    Sijuwade said the equipments  would reduce passengers’ nightmares especially during breakdowns or track upgrading, adding that their acquisition is critical to the success of train services nationwide.

    He said the equipment, which were designed to run on the existing narrow gauge, have been tested by the corporation’s engineers adding that they would soon be deployed to the various sections and divisions for use.

  • FBN Holdings acquires Oasis Insurance

    FBN Holdings acquires Oasis Insurance

    •NSE delists Oasis Insurance

    FBN Holdings Plc has concluded the acquisition of the minority shareholdings in Oasis Insurance Plc, making the holding company the wholly owner of the insurance firm.

    FBN Holdings completed the acquisition through FBN Insurance Limited, its insurance subsidiary. Following the completion of the acquisition, Nigerian Stock Exchange (NSE) has delisted Oasis Insurance Plc.

    The Nation had exclusively reported the acquisition of the majority shareholding and takeover bid for the minority shareholdings in Oasis.

    FBN Insurance Limited had acquired 71.2 per cent equity interest in Oasis Insurance through a block divestment in February 2014.

    FBN Insurance subsequently launched a mandatory takeover bid for the remaining 28.8 per cent equity interest in Oasis Insurance in line with the rules of the Securities & Exchange Commission (SEC).

    Regulatory filing indicated that by the close of the takeover bid on 31 July 2014, FBN Insurance Limited received a total of 1,289,493,953 ordinary shares bringing its shareholding in Oasis Insurance to approximately 91.1 per cent. FBN Insurance Limited elected to exercise its rights under Section 146(2) of the Investments and Securities Act to compulsorily acquire shares belonging to the minority shareholders having crossed the 90 per cent threshold. At the end of the 20-day statutory notice period FBN Insurance Limited increased its holdings by an additional 22,603,617 shares bringing its holdings in Oasis Insurance Plc to approximately 91.4 per cent.

    FBN Insurance Limited thereafter transferred the sum of N310,649,730 to FBN Registrars as consideration for the outstanding 560,808,895 shares or 8.6% per cent. FBN Registrars will keep the fund in trust for shareholders who are yet to tender their share certificates. By this action, FBN Insurance Limited now holds 100 per cent equity interest in Oasis Insurance Plc.

    The NSE yesterday confirmed the transaction, noting that Oasis Insurance requested for voluntary delisting after the full acquisition.

  • Kunoch Holdings acquires stake in Diamond Bank

    Kunoch Holdings has completed the purchase of Actis DB Holdings Limited, a company which holds Diamond Bank’s shares, from Actis LLP and CDC Group Plc.

    A statement from the bank, said Actis DB Holdings Limited currently holds 14.79 per cent of the issued share capital of Diamond Bank. Funds managed by Actis, a private equity investor specialising in investments in emerging markets, acquired a significant equity stake in the bank in 2007.

    It explained that over the years, positive contributions by Actis, other institutional investors and the new management team of the bank have created additional value for the lender’s shareholders.

    Actis Head of Private Equity, Peter Schmid said the firm had in the last seven years, worked with Diamond Bank to build a strong franchise. He said the lender has a strong and capable management team that would take it to the next stage of its development.

    Group Managing Director of Diamond Bank, Dr. Alex Otti said the lender is pleased to have worked with Actis and is excited about the next stage of the its development.

     

  • Heineken acquires 57% equity in Champion Breweries

    •Investors dump equities

    Raysun Nigeria Limited, a wholly-owned subsidiary of Heineken International BV, has acquired 57 per cent equity stake in Champion Breweries Plc, making the breweries part of the Heineken’s sprawling operations in Nigeria. Heineken holds the majority shareholding in Nigerian Breweries, Nigeria’s second most capitalised quoted company.

    Raysun Nigeria acquired its majority stake from Consolidated Breweries Plc, which on Tuesday completed the sale of 513 million ordinary shares of 50 kobo each to Raysun Nigeria through cross deals on the Nigerian Stock Exchange (NSE).

    The cross deals on the NSE completed the transaction, which had earlier received approvals of the Securities and Exchange Commission (SEC) and the NSE as well as endorsement of shareholders of Consolidated Breweries.

    Managing Director, Consolidated Breweries Plc, Mr. Boudewijn Haarsma yesterday confirmed the transaction.

    The Nation had on Wednesday reported the movement of the 513.0 million shares valued at N949 million on the NSE.

    Meanwhile, the stock market remained in the red yesterday as apprehensive investors continued to flood market with open-market sale orders in their bids to lock in profits. Aggregate market value of all quoted equities on the NSE dropped from N13.076 trillion to N13.015 trillion, its fourth consecutive loss this week.

    The All Share Index (ASI), the common value-based index that tracks all equities on the NSE, also indicated a generally negative market situation, dropping from its opening index of 40,792.07 points to close at 40,601.74 points.

    With 37 losers to 16 gainers, market pricing trend remained on the same breath with several highly capitalised stocks leading the downtrend. Nestle Nigeria, NSE’s highest-priced and third most capitalised stock, topped the losers’ list with a drop of N19.05 to close at N1,120.95. Guinness Nigeria lost N4 to close at N226. Nigerian Breweries dropped by N2.25 to close at N159.45. Oando slipped by N2.04 to close at N18.98. Forte Oil declined by N1.60 to close at N90.20. UAC of Nigeria dwindled by N1.35 to close at N69. Stanbic IBTC lost 99 kobo to close at N21.01 while National Salt Company of Nigeria dropped by 54 kobo to close at N13.21 per share.

    On the upside, Zenith Bank recorded the highest gain of 90 kobo to close at N23.90. CAP followed with a gain of 33 kobo to close at N46.99 while Diamond Bank added 25 kobo to close at N6.90 per share.

    Total turnover stood at 343.35 million shares valued at N4.03 billion in 5,415 deals.

  • AMCON acquires second biggest equity in FTN Cocoa Processors

    AMCON acquires second biggest equity in FTN Cocoa Processors

    Asset Management Corporation of Nigeria (AMCON) has emerged the second largest shareholder of FTN Cocoa Processors Plc following indirect acquisition of equity stakes in the agro-allied company.

    The Nation gathered that the acquisition indicated that the corporation became the second largest shareholder of the company after it acquired provisionally bad loans related to the shares of the company.

    According to the latest shareholding analysis of the company, AMCON has 13.96 per cent equity stake, the second largest stake after 25 per cent equity stake held by the Managing Director and founder of the company, Mr Abiola Aderonmu. An executive director, Mr Akin Laoye, holds the third largest stake of 7.5 per cent.

    With the acquisition, AMCON owns about 307.23 million ordinary shares of 50 kobo each of FTN Cocoa Processors, which places the bad loans management special purpose vehicle within the few shareholders that control the direction of the company.

    Some 0.41 per cent of the 5,676 shareholders of FTN Cocoa Processors control 70.53 per cent of the equities of the company. Besides AMCON, other strategic shareholders included Mr Aderonmu, who holds 551.9 million ordinary shares of 50 kobo each and Mr Laoye, who has 165 million ordinary shares of 50 kobo each.

    Altogether, the three main shareholders hold 1.02 billion ordinary shares of 50 kobo each, about 46.4 per cent of the total outstanding shares of 2.2 billion ordinary shares of 50 kobo each.

    AMCON is reported to be the second largest holder of quoted equities after the pension industry but the specific shareholdings and extent of control are not known.

    The corporation had invested some N3 trillion in the purchase of non-performing loans and recapitalisation of banks. Consequently, AMCON now has assets spread across the country including real estate properties and shares that were used as collaterals for loans. The corporation also has shares in nearly all banks in the country and several quoted companies.

    FTN Cocoa Processors, a pioneer-status agro allied company involved in processing of cocoa beans and palm kernel into cocoa cake, liquor, butter, powder, palm kernel oil and palm kernel cake, has struggled with lower sales and declining bottom-line.

    It posted a loss of N220.2 million in 2011 just as it sales dropped by 30 per cent from N1.2 billion to N836.9 million. This slightly impinged on its shareholders’ funds, which fell from N2.26 billion to N1.94 billion.

    Meanwhile, the company has started arrangements to explore the possibility of raising new funds to enhance its capital base.

    The board of directors of the company has sought and secured shareholders’ approval to raise new funds to meet the business operations of the company, kick-starting the pre-issuance process.

    According to the approval, directors of the company could raise new funds through equity issue or long-term debts including debenture, bond, rights issue, public offer and any combination of debts or equities.

    The board has also secured approval to enter into technical and management alliances with any foreign or Nigerian organisation with a view to enhancing its operations.

    The new funds might not be unconnected with the ongoing efforts to strengthen the operational base of the company.

    It had recently expanded its cocoa processing capacity from 10,000 metric tonnes per annum to 20,000 metric tonnes per annum. It also acquired a 50-metric tonnes per day vegetable oil refinery.

    Managing director, Asset Management Corporation of Nigeria (AMCON), Mr. Mustafa Chike-Obi, has said the corporation would not engage in any large disposal of its assets in the immediate future.

    According to him, AMCON would hold on to its assets to realise the intrinsic values of the assets in the foreseeable future.

    “We believe the assets will appreciate, it will be premature to sell now,” Chike-Obi said.

  • Imo acquires oil spill, sabotage detection equipment

    The Imo State Ministry of Petroleum and the Environment has acquired an equipment called Ultrasonic thickness Metre (UTM) for detecting oil spill and sabotage.

    The equipment, which measures the integrity of the pipe, can detect if an oil spill is caused by equipment failure or by sabotage.

    Industry experts say oil spill can be as a result of equipment failure resulting into corrosion.They say with time as the equipment gets weak, they are corroded. Crude oil itself, according to them, can also cause corrosion if the pipe is weak. He said the nature of the pin hole would tell whether spill is caused by sabotage or not.

    A Director in the ministry, Ifeanyi Onyicha, said: “There is what we call clock reading of the pipe; so any leak between 12 and three pm or between 10 am and noon is suspected to be sabotage. In most cases, it is sabotage except the pipe is weak.

    “At times, an oil company may write to us for joint investigation about oil leakage or spill. It is unfortunate what we see at times. We see a situation where technically a valve between an oil pipelines is being technically or operationally opened and the valve is being fixed with a long host drawn to a tanker.”